1. BITBILIHome
  2. Article

Binance initiates token burn and delisting for BUSD and TUSD pairs

• 99 views

TL;DR Breakdown

  • Binance burns idle Binance-pegged BUSD tokens across various blockchain networks.
  • The exchange will also be delisting trading pairs associated with TUSD (TrueUSD).
  • This move by the exchange comes as the exchange grapples with changes in the BUSD ecosystem.

Description

Cryptocurrency exchange giant Binance has taken significant steps in its ongoing process of disengagement from its stablecoin BUSD. The exchange announced a token burn for idle Binance-pegged BUSD tokens across various blockchain networks.  Additionally, Binance will be delisting trading pairs associated with TUSD (TrueUSD), another stablecoin traded on the platform. This move follows a series … Read more

Cryptocurrency exchange giant Binance has taken significant steps in its ongoing process of disengagement from its stablecoin BUSD. The exchange announced a token burn for idle Binance-pegged BUSD tokens across various blockchain networks. 

Additionally, Binance will be delisting trading pairs associated with TUSD (TrueUSD), another stablecoin traded on the platform. This move follows a series of previous announcements regarding the delisting of BUSD trading pairs, signalling a strategic shift for the exchange.

The exchange made this important announcement via its official Twitter account, stating the token burn will primarily affect the following Binance-pegged tokens:

  • TUSDOLD on the Binance Smart Chain (BSC)
  • BUSD on the Polygon (MATIC) network
  • BUSD on the Binance Smart Chain (BSC)
  • BUSD on the Binance Coin (BNB) chain
  • BUSD on the TRON (TRX) network

Binance token burn and collateral release

It’s worth noting that the exchange issues Binance-pegged tokens as a means to enable the use of tokens from various other blockchain networks within it’s ecosystem. Importantly, these tokens are created only after the platform holds a 100% collateral in the original token. For example, for every 100 B-USDC tokens, the exchange must possess 100 USDC as collateral, ensuring transparency and stability.

This move by the exchange comes as the exchange grapples with changes in the BUSD ecosystem. Paxos, the issuer of BUSD, ceased minting the stablecoin, prompting the exchange to reassess its strategy regarding BUSD. The exchange has been gradually delisting BUSD trading pairs, with eight pairs being removed from its platform earlier.

Community response and transparency

The platform’s community has responded positively to these developments, appreciating the transparency demonstrated by the exchange throughout this process. Transparency is a crucial element in maintaining trust and confidence within the cryptocurrency community.

In addition to these changes, the exchange has also updated its fiat liquidity provider program, offering rebates based on performance from the previous week. This move is in line with the exchange’s efforts to enhance its offerings and services for its users.

At the time of writing, BNB, the native cryptocurrency of the platform, is trading at $213.15, reflecting a minimal 0.04% decrease over the past 24 hours. It will be interesting to see how these developments impact the exchange overall ecosystem and its users in the coming days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Binance initiates token burn and delisting for BUSD and TUSD pairs

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月15日 07:43
Next 2023年9月15日 09:19

Related articles

  • U.S. Court orders SEC to respond to Coinbase’s rulemaking petition within seven days

    TL;DR Breakdown The U.S. Court of Appeals ordered the SEC to respond to Coinbase’s petition for clearer crypto regulations. The SEC is suing Coinbase, raising concerns about its approach to crypto regulation. The United States Court of Appeals for the Third Circuit has ordered the U.S. Securities and Exchange Commission (SEC) to clarify its stance on a rulemaking petition from Coinbase, the only publicly-traded cryptocurrency exchange in the United States. The Court asked SEC to respond within a week. This order comes in response to Coinbase’s Administrative Procedure Act challenge filed in April, which sought to compel the SEC to respond to its 2022 petition for formal rulemaking in the digital assets sector. Coinbase’s petition, pending since July, has been a clarion call for clearer regulatory guidelines for the burgeoning cryptocurrency industry in the U.S. The exchange has asked the SEC to answer 50 specific questions concerning the regulatory treatment of certain digital assets, including how tokens are classified as securities. Paul Grewal, Coinbase’s Chief Legal Officer, has been vocal about the need for regulatory clarity, stating that the SEC’s…

    Article 2023年6月12日

  • Judge Rejects FTX’s Inclusion in Genesis Crypto Bankruptcy Talks

    TL;DR Breakdown FTX’s request to join confidential mediation in the Genesis bankruptcy case is denied by US Bankruptcy Judge Sean Lane. Genesis Global Holdco is given additional time to present a revised payout proposal, while also denying the exchange’s claim of $3.9 billion. In a significant development in the ongoing Genesis Global Holdco bankruptcy case, US Bankruptcy Judge Sean Lane has ruled against FTX Trading Ltd.’s request to join the confidential mediation sessions. FTX, which is also undergoing bankruptcy proceedings, had claimed that Genesis owed it $3.9 billion. Judge Lane’s decision has granted Genesis, its major creditors, and parent company Digital Currency Group (DCG) additional time to present a revised payout proposal, which would serve as the foundation for a Chapter 11 bankruptcy plan. This article provides an in-depth analysis of the latest court ruling and its implications on the Genesis bankruptcy case. Contents hide 1 Judge Rejects FTX’s Participation in Confidential Mediation 2 Additional Time Granted for Revised Payout Proposal 3 Genesis Denies FTX’s Claim and Requests Estimation Process 4 Conclusion Judge Rejects FTX’s Participation in Confidential Mediation US…

    Article 2023年6月11日

  • SWIFT’s CBDC test: Central banks join the fray

    TL;DR Breakdown Three more central banks have joined SWIFT’s digital currency (CBDC) project. Initial testing began in March with 18 financial giants, and over 5,000 transactions were conducted in 12 weeks. SWIFT’s engagement with CBDCs showcases its attempt to innovate amidst potential competition. Description The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central … Read more The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central Bank Digital Currencies (CBDCs). Central Banks Dive into the Sandbox The Hong Kong Monetary Authority, Kazakhstan’s apex bank, and another secretive central entity…

    Article 2023年9月14日

  • Worldcoin Protocol Successfully Passes Security Audits by Nethermind and Least Authority

    TL;DR Breakdown Worldcoin, a blockchain-based protocol, has successfully passed two separate security audits conducted by Nethermind and Least Authority. The audits began in April 2023 and covered various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. Description Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made … Read more Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made public, demonstrating Worldcoin’s commitment to transparency and security. Worldcoin’s protocol, which includes both off-chain and on-chain components, is based on Semaphore from…

    Article 2023年7月29日

  • Hong Kong launches task force to pave Web3 future

    TL;DR Breakdown The Hong Kong Government has formed a Task Force to promote Web3 development, marking a strategic move towards becoming a global hub for the decentralized internet. Financial Secretary, Mr. Paul Chan, highlights blockchain technology’s potential to address various challenges, thus viewing Web3 as a “golden opportunity.”​ Despite close ties with China, Hong Kong charts its own course, as shown by the recent release of guidelines for Web3 companies and the formation of the new Task Force. Description In a strategic push to accelerate its digital transformation, Hong Kong’s government announced the establishment of a dedicated Task Force to promote Web3 development on Friday. However, The task force, led by the Financial Secretary, Mr. Paul Chan, includes 15 non-official members from relevant market sectors and is mandated to provide recommendations on the sustainable … Read more In a strategic push to accelerate its digital transformation, Hong Kong’s government announced the establishment of a dedicated Task Force to promote Web3 development on Friday. However, The task force, led by the Financial Secretary, Mr. Paul Chan, includes 15 non-official members from…

    Article 2023年7月4日
TOP